The popular British author J.K Rowling took to Twitter to express her difficulties with understanding the logic behind the leading cryptocurrency, Bitcoin. The crypto community on Twitter was generous enough to enlighten the award-winning writer on the structure of the cryptocurrency. Top personalities from crypto space, including Vitalik Buterin, helped break down the rather “complicated” concepts of Bitcoin to the award-winning author. The conversation soon became more interesting when billionaire engineer Elon Musk joined, and as expected, the Twitter Crypto community was thrilled.
It's a digital currency. There's ~18m units of it. It's not backed by anything, it's just valuable because it is, like collectibles.
There's a network of computers (which anyone can join) that maintains a decentralized global excel spreadsheet of how many coins each person has.
— vitalik.eth (@VitalikButerin) May 15, 2020
Elon Musk praises bitcoin over the US dollar.
Elon Musk joined in the conversations when the popular tech-consultant Dean Johnson tagged Elon, regardless, with a tweet that reaffirmed that his stances were in favor of Cryptocurrencies. The CEO of Telsa and one of the most influential entrepreneurs once again emphasized Bitcoin’s value by explaining to J.K Rowling that in comparison to Fiat currencies, which he noted to be controlled by centralized organizations, Bitcoin is better structured, and thus more reliable. Musk also revealed that he holds only 0.25 BTC, which is nearly $2,350 worth of Bitcoins at present. But it might as well be a joke on Elon’s part as he is known for his absurd humor on the social media platform.
Pretty much, although massive currency issuance by govt central banks is making Bitcoin Internet 👻 money look solid by comparison
— Elon Musk (@elonmusk) May 15, 2020
Elon Musk believes cryptocurrencies might substitute fiat currencies in the future.
Earlier this year, when the Tesla CEO Elon Musk appeared on the Third Row Tesla Podcast, he opined that while crypto is rapidly gaining ground in the world of finance, they still function as a bridge that aids the validation of illegal transactions. But he went to say that cryptocurrencies could entirely substitute fiat currencies in the future. The influential entrepreneur has mentioned bitcoin on twitter timeline several times. Even though Rowling made clear that it was all fun and banter, but her tweets emphasize the complexities frequently faced by newbies who discover crypto space.